Stir in ½ cup of heated chicken broth. Cook, stirring constantly until liquid is absorbed. Add remaining broth, ½ cup at a time, stirring constantly until each portion of broth is absorbed before adding the next (about 20 minutes total).

Remove from heat; stir in asparagus, 1/3 cup of Parmesan and parsley. Add salt and pepper to taste. Sprinkle top with remaining Parmesan cheese.